Countrywide Financial Systematically Steers Black Borrowers Into Subprime Loans

Countrywide Financial, the nation's largest mortgage lender, systematically directed Black and Latino borrowers into high-cost subprime loans while white borrowers with similar credit profiles received prime rates. Internal data and later DOJ findings showed Black borrowers were charged higher fees and rates. Countrywide's collapse in 2008 disproportionately devastated Black homeownership.